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these numbers, you'll say there has to be a way. here's the bottom line. in 2011, the united states took in about $1.1 trillion in income taxes. these are individual income taxes. but look at the bottom number below it. i mean, this makes my jaws drop. total tax break, credits, exclusions, your mortgage interest deductions, state and local taxes. more money than we took in. okay, whatever you think about specific deduction, this screen is everything you need to know about how our tax system is really broken. so ending the state and local deduction alone would be $862.2 billion according to the cbo. the mortgage interest deduction, $214.6 billion. now, those are exactly the deductions mitt romney said he'd cut at a closed door fund-raiser back in april. a reporter at the event wrote quote mitt romney said i'm going to probably eliminate for high income people the second home mortgage deduction, romney said. adding he would also eliminate for state income and property taxes as well. he made it clear it's for higher income people he wants to get rid of some of these deductions and mitt romn
Search Results 0 to 1 of about 2 (some duplicates have been removed)